Claims

Message From the President (February 01, 2009)

The collective efforts in organizing the tremendous events held in Toronto in early February benefited all who were in attendance and the organizations responsible are to be commended. The many volunteers who so selflessly give of their time, exemplify the spirit of service and recognize there is nothing so rewarding as “giving back.” Any organization’s […]

January 31, 2009

3 min read

Claims

Interest in casualty clash reinsurance coverage re-sparked

Casualty clash reinsurance rates remained relatively flat at the Jan. 1, 2009 renewals, but many large carriers are showing a renewed interest in the product, Guy Carpenter reports.Casualty clash cover is an excess contract that protects an insurer from losses related to a specific event that would affect several insureds or lines of businesses, Guy […]

By Canadian Underwriter | January 30, 2009

2 min read

Claims

Two-year ‘window of opportunity’ exists following catastrophe

The 2003 Kelowna, B.C., wildfires created a two-year window of opportunity in which public and private interest in adopting and improving mitigation strategies was heightened, an Institute for Catastrophic Loss Reduction (ICLR) study found.The ICLR released a major study evaluating the measures taken by the City of Kelowna to mitigate the impacts of the September […]

By Canadian Underwriter | January 29, 2009

2 min read

Claims

Feds to create Cdn$4-billion fund for infrastructure improvements

The Canadian government is poised to create a new Cdn$4-billion Infrastructure Stimulus Fund as part of its 2009 federal budget, Transport Minister John Baird has indicated to the Canadian Press.The money is part of Cdn$7-billion in infrastructure spending to be announced as part of the Jan. 27 federal budget, the news agency reported Baird as […]

By Canadian Underwriter | January 27, 2009

1 min read

ING 2008 Q4 loss reflects prolonged drop in value of Canadian equities

ING Canada has reported a 2008 Q4 net loss of Cdn$64.1 million, compared to a gain of Cdn$95.8 million over the same period last year. The decline in net income reflects the impairment of Cdn$185.8 million of common equities as a result of the deep and prolonged drop in value of Canadian common equities, ING […]

2 min read

Debate on the impact of Sea Surface Temperature on hurricanes will continue in 2009

A running debate about whether warmer sea surface temperatures (SST) in the Atlantic Ocean correlate with greater hurricane frequency and intensity will most likely continue into 2009, Aon-Benfield’s Annual Global Climate and Catastrophe Report: 2008 says.As it stands, “as climatologists and meteorologists continue to debate the natural cycle/global climate change theories and research, the current […]

2 min read

What’s New: In Brief (January 20, 2009)

Trevor Black has been promoted to branch manager in St. Catharines for Cunningham Lindsey Canada Claims Services Ltd (CLC). “Trevor has a number of exciting plans for our St. Catharines office, namely quality measurement, training and education,” Lorri Frederick, CLC’s senior vice president of the central region, said in a release. “He’s a highly motivated […]

1 min read

RIMS Q4 Benchmark Survey indicates soft market losing steam

Commercial insurance rates in the United States are still softening, but at a much slower pace than recent quarters, the Risk and Insurance Management Society (RIMS)’s Benchmark 2008 Q4 Survey found.The average general liability premium fell more than any other line at 5.9% in 2008 Q4, but this decrease is modest when compared to the […]

2 min read

2009 underwriting results should be “respectable,” Standard & Poor’s finds

Despite ongoing uncertainty related to the credit and equity markets, the long-term fundamental strength of the U.S. personal lines property/casualty sector remains intact, a Standard & Poor’s article says. “A continued focus on disciplined underwriting and improved risk management should allow personal lines insurers to produce sustainable long-term operating results,” Standard & Poor’s says in […]

2 min read

Losses of up to US$55 billion if 1938 hurricane hit today

If the Great New England Hurricane of 1938 were to hit today, insured losses would reach between US$40 billion and US$55 billion, RMS reports. This would include losses to both the private insurance market and those policies covered under the National Flood Insurance Program (NFIP), according to the RMS report, The 1938 Great New England […]

2 min read